Telefonica has hired a syndicate of banks to advise it on a 10-year bond offering, which reportedly has attracted demand of more than €8.5bn.
The heavily-indebted Spanish telecoms group has mandated CaixaBank, Goldman Sachs, Mizuho, RBS, Santander and…
Telefonica has hired a syndicate of banks to advise it on a 10-year bond offering, which reportedly has attracted demand of more than €8.5bn.
The heavily-indebted Spanish telecoms group has mandated CaixaBank, Goldman Sachs, Mizuho, RBS, Santander and Unicredit to manage the offering, news agencies reported. According to the reports, which cited sources close to the deal, the books opened in the vicinity of 250 basis points over the midswaps rate and it is expected to price very shortly.
Telefonica reported net debt of €56bn (US$73.35bn) at the end of last year’s third quarter –down from €58bn (US$75.8bn) the previous quarter. Aiming to reduce net debt to €50bn (US$65.3bn) by the end of 2012, Telefonica scrapped its dividend in July, has refinanced bonds, sold assets such as Spanish call centre Atento, floated its German unit and is also looking at listing its Latin American businesses.
A Telefoncia spokesperson declined to comment on the bond issue.
